Main points of investment
According to the company's 2021 annual report, revenue in 2021 was 2.404 billion yuan, an increase of 53.70% over the same period last year, and net profit was 184 million yuan, an increase of 29.64% over the same period last year. Corresponding to 2021Q4's revenue of 682 million yuan in a single quarter, an increase of 51.58% over the same period last year, and Q4's net profit in a single quarter was 57.91 million yuan, an increase of 5.43% over the same period last year. During the period, the company gradually expanded its business scale, benefiting from the growth of orders from key customers and the development of folding screen mobile phones. On March 31, 2021, Antexin, which mainly engaged in smart headset business, was included in the consolidated statement, leading to a year-on-year increase in revenue.
The company has long ploughed the MIM industry and actively expanded MIM and related applications. With its leading technology, stable product quality, professional team and rapid response ability, the products have been finally applied to a large number of well-known brand customers in consumer electronics and automotive fields, including Apple Inc, Samsung, XIAOMI, Great Wall, Honda, SAIC GM and so on. The company will continue to deepen smart phones, wearable devices, smart home, automotive and other areas, and actively grasp the development trend of the industry. In addition, the company will further accelerate the development of transmission and heat dissipation plate business, constantly stabilize the industry position, broaden the business scope, realize the diversification of products and business areas, and the market position is expected to be further enhanced in the future.
The folding screen products of major smartphone brands have been listed one after another, and the prospect of the folding screen market is promising. Folding screen phones are on the rise in the smartphone field, including Samsung, Huawei, XIAOMI, OPPO, Glory and other brands have launched folding screen phones to achieve the combination of tablets and phones. With the continuous innovation of technology and technology, the folding screen mobile phone is expected to become a breakthrough design for the next generation to lead the industry change, and the market prospect is promising. According to Omdia and Counterpoint, global sales of folding screen phones are expected to approach 18.3 million in 2022. As the core component of the folding screen mobile phone, the rotating shaft has a complex structure and is composed of hundreds of precision parts, of which the most important part is the MIM part. According to different folding forms, the cost of MIM parts ranges from tens to hundreds of yuan.
Continuously strengthen R & D investment and enhance the core competitiveness of products. The company continues to increase R & D investment and technological innovation, with R & D investment of 176 million yuan in 2021, accounting for 7.31% of revenue.
The company continues to carry out R & D reserves of new technologies, new materials and new processes, and steadily promotes key R & D projects, such as folding screen mobile phone hinge, wearable watch case and other projects. and actively strive for the overall assembly project of the folding screen mobile phone hinge. In addition to the R & D projects based on MIM technology, the R & D of the company's non-MIM products has also been continuously promoted, and some progress has been made in the related R & D projects of the cooling Division and the Transmission Division. Anterson has also cooperated with customers in the R & D and manufacture of various TWS Bluetooth headphones.
[investment advice]
With the continuous development of the internal structure of electronic equipment towards precision and miniaturization, MIM process has obvious advantages in manufacturing precision structural parts with high complexity, high precision and high strength, and the market space of MIM industry is expected to maintain a certain growth. In addition, with the launch of major brands of folding screen phones, shipments of folding screen phones are expected to continue to grow. MIM parts, as an important part of the pivot of the core components of the folding screen, will significantly benefit from the increase in the penetration of folding screen mobile phones. The company deeply ploughs the MIM industry and has the technology leading edge. Besides the successful mass production of hinges, it also actively strives for the integral assembly project of the folding screen hinges. It is estimated that the revenue from 2022 to 2024 is 31.74,42.34 and 5.261 billion yuan respectively, the net profit is 3.06,4.43 and 525 million yuan respectively, the corresponding EPS is 1.97,2.86,3.38 yuan per share respectively, and the corresponding PE is 19,13,11 times respectively.
[risk Tip]
Market demand is lower than expected, and the penetration rate of folding screen mobile phones is lower than expected.
The promotion of new products and new business is not as expected.
The price of upstream raw materials continues to rise.
The pattern of market competition is deteriorating.